“The cryptocurrency is controlled by a powerful cartel of rich people” – the creator of Dogecoin explained why he does not plan to return to cryptocurrency

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The creator of Dogecoin compares the cryptocurrency industry to a scam controlled by a powerful cartel of wealthy people for their own benefit.

Jackson Palmer created Dogecoin in 2013, but today he believes that cryptocurrencies have attracted “shark-like scammers and opportunists.” He published a series of posts this week denouncing Bitcoin, Ether and other cryptocurrencies, saying they resemble the massive Ponzi scheme for “extracting new money from desperate and naive people.”

After years of research, I believe that cryptocurrency is inherently a hypercapitalist technology designed primarily to increase the well-being of its supporters through a combination of tax evasion, relaxation of regulatory oversight, and artificially created scarcity.

Jackson Palmer

He also added that the cryptocurrency industry is using a network of dubious business connections, buying influencers and paid media to “perpetuate the iconic get-rich-quick funnel designed to extract new money from financially desperate and naive people.”

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